There was a great entry on Dr Housing Bubble Blog this week on why it’s not time to buy yet in “banana republic housing areas” like Los Angeles. It’s a great overall analysis of why it’s not smart to buy in L.A. right now…and why the rental market will start getting tighter as all the people losing their mortgages become, again, renters.
It’s not exactly news, but the Dr. does a good job reviewing all the arguments against buying. For those of us who have non-L.A. based parents that keep asking why we are not buying a home when we get married, this is the article to clip and send home. Go here to read the article in full.